Capital One Financial Corp. revealed yesterday it will purchase Chevy Chase Bank for $520 million, but the impact on the university remains uncertain.
Chevy Chase Bank has a large presence at the university: It has a branch located in Stamp Student Union, and several ATMs dot the campus. It’s also the primary financier of the Tyser Tower project and the corporate name of the Byrd Stadium football field. However, university officials said they were unsure whether the acquisition will impact that relationship.
Kathy Worthington, a senior associate director in the Athletics Department, said Athletics will not know any details until the deal closes sometime during the first fiscal quarter. Questions surrounding the name of the football field and the Tyser Tower project can’t be answered until then, she said.
Chevy Chase Bank officials could not be reached for comment yesterday.
Millree Williams, the university’s chief spokesman, said yesterday he was still unsure of the larger impact the deal might have on the university as a whole.
Chevy Chase Bank, which has about $11 billion in deposits, operates branches in Maryland, Virginia and Washington. Capital One had about $98.9 billion in deposits as of Sept. 30.
Bethesda-based Chevy Chase Bank is the latest in a string of regional banks Capital One has purchased in recent years as it expands to become a full-service bank after primarily operating as a credit-card lender.
In November 2005, Capital One bought New Orleans-based Hibernia Corp., which had branches in Texas and Louisiana. In December 2006, the company completed its acquisition of North Fork Bank, which operates banks in New York and New Jersey.
The Associated Press contributed to this report. taustindbk@gmail.com
